Ad hoc Announcement: GFW Capital GmbH makes use of its right to call the Capital Notes for redemption with effect on 30 June 2016

EUR 140,000,000 Capital Notes (Capital Notes) issued by GFW Capital GmbH (Gräfelfing, Germany).

ISIN: XS0237509293
Common Code: 023750929

Today and with effect as of 30 June 2016 GFW Capital GmbH (the Issuer) calls the Capital Notes for redemption pursuant to § 8 paragraph 1 of the terms and conditions of the Capital Notes and within the notice period provided for therein.

Redemption of the Capital Notes at their nominal amount of EUR 1,000 per Capital Note plus interest accrued from and including 30 June 2015 to but excluding 30 June 2016 in the amount of EUR 60 per Capital Note will be made on 30 June 2016.

Gräfelfing, 4 May 2016
GFW Capital GmbH